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The SEC has issued a proposed rule, “Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities,” which would amend certain disclosure requirements in Regulation S-X, Rules 3-10 and 3-16.

Among other amendments, the proposal would:

Continue to permit “the omission of separate financial statements of subsidiary issuers and guarantors when certain conditions are met and the parent company provides supplemental financial and non-financial disclosure about the subsidiary issuers and/or guarantors and the guarantees.”